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Thursday, 2 January 2014

"Fiat's shares were up 12 per cent after the company announced plans to acquire the 41 per cent of Chrysler it does not already own. Lex's Oliver Ralph and Vincent Boland discuss how the deal fits with chief executive Sergio Marchionne's plans.

"The Turkish lira fell to a new all-time low against the dollar on Thursday as a corruption probe focused on figures close to the government caused continued upheaval in markets.

The currency has lost around a fifth of its value against the dollar in the last year, with Turkey – reliant on inflows of foreign funds to finance a persistent current account deficit – seen as especially vulnerable to the US Federal Reserve’s imminent withdrawal of monetary stimulus.

But the past month’s political turmoil has further shaken investor confidence in the authorities’ ability to manage a difficult period for emerging markets.

The lira has fallen more than 6 per cent against the dollar since the scandal erupted, making it the worst performing of any major currency over the last month."

"Muscat Securities Market (MSM) general index 30 on Thursday added 17 points, comprising a rise by 0.25% to close at 6889.38 points.

The trading value stood at OMR11 million, comprising a decline by 32.77% compared to the last session, which stood at OMR17 million.

The report released by MSM pointed out that the market value rose by 0.14% since last trading to reach about OMR14.21 billion.

The report added that the value of shares bought by non-Omani investors reached OMR2,646,000 comprising 23.15%. The value of shares sold by non-Omani investors reached OMR2,912,000 comprising 25.48%. The net non-Omani investment fell by 2.33% to OMR266,000."

"International energy company Tethys Petroleum said Thursday that it is pulling out of Uzbekistan, only weeks after it was revealed that authorities in the Central Asian nation are investigating it for allegedly misappropriating crude oil.
The company, which is based in the British Crown dependency of Guernsey, said in a statement that the decision was made "due to recent changes in the business climate and political environment."
A source close to the investigation had told RIA Novosti last month that Uzbek authorities were accusing Tethys of stealing oil belonging to the state worth between $30 million and $40 million.
Tethys was the latest in a string of international investors to come under intimidating pressure from authorities in Uzbekistan."

Little was known, however, about the tycoon at home or abroad until his name appeared late in 2012 in connection with Western economic sanctions imposed on Iran over its disputed nuclear program.

Now the man blacklisted by the European Union and United States for playing what they say is a key role in evading those sanctions is feeling the heat from Iranian authorities, too.

Zanjani, who has referred to himself as an “economic basij” after the Iranian hard-line militia, was arrested on December 30 on corruption charges.

It’s a remarkable turnaround in fortunes for Zanjani, whose business empire, the Sorinet Group, reportedly includes some 65 companies that operate in Iran, Turkey, the United Arab Emirates, Malaysia, and Tajikistan."

The slaughter of cows is banned in many states in India and the export of cow meat is prohibited across the country.

But go to any major Indian city and you will find steaks and beef burgers on the menu in high-end restaurants, a new phenomenon that has has led to confusion and protest alike.

Though India is the world’s second largest exporter of beef, a category that includes both cow and buffalo meat, domestic consumption is still very limited. This year, for example, India will consume 2.1m tonnes of beef and veal, according to the US Foreign Agricultural Service, while it produces 3.8m tonnes. Compare that with Brazil, which will produce 9.6m tonnes and consume 7.9m tonnes.

"Well that was fast. Only a short 15 months after New Delhi announced its plan to open up the big-box retail industry to foreign investment, leaders have finally found their first taker. Britain’s Tesco last month unveiled a $110 million plan for a joint venture with the supermarket subsidiary of Tata to operate a string of supermarkets. And with atypical alacrity, regulators on Monday approved the deal barely two weeks after it was submitted to their consideration. A sign that India is finally (re)opened for business?

Not precisely. Instead, recent developments in the country’s retail industry provide yet another in a long list of teachable moments for both Indian politicians and voters. One can only hope the lessons sink in before elections due in May."

"The former head of defunct New York law firm Dewey & LeBoeuf has become the top legal adviser to the government of Ras al Khaimah, according to an internal government memo.

Steven Davis, who was blamed by some of his former Dewey colleagues for mismanaging the law firm by giving outsize pay guarantees to lawyers, will be chief legal officer of the Middle East government, according to the memo reviewed by Reuters on Tuesday. Ras al Khaimah is one of the United Arab Emirates and is ruled by Sheikh Saud bin Saqr Al Qasimi.

The memo, which was signed by executive committee chairman of the Ras al Khaimah’s Investment and Development Office Salem Ali Al Sharhan on Dec. 8, also said Davis would assume the role of CEO of the IDO.

A request for comment to Davis was not immediately returned. Contacts for the Ras al Khaimah government could not immediately be reached."

"As Barack Obama and Vladimir Putin argue over human rights in Russia and the fate of fugitive U.S. intelligence analyst Edward Snowden, the countries’ biggest oil companies are preparing to drill for giant oil discoveries together in the Arctic Ocean.

Exxon Mobil Corp. (XOM) and OAO Rosneft (ROSN) are set to start their first Arctic well this year, targeting a deposit that may hold more oil than Norway’s North Sea. It will kick off a series of landmark projects and cement an alliance begun in 2011. They also plan to frack shale fields in Siberia, sink a deep-water well in the Black Sea and build a natural gas-export terminal in Russia’s Far East.

“We have a unique partnership,” Glenn Waller, Exxon’s Russian chief, said in an interview in Moscow. “They have the world’s biggest reserves and we have the largest market capitalization.”"